Collaboration partner announces Moscow IPO
November 29 2010 - 2:00AM
RNS Non-Regulatory
TIDMLPX
Lipoxen PLC
29 November 2010
Lipoxen plc
('Lipoxen' or the 'Company')
Collaboration partner announces Moscow IPO
Lipoxen (AIM: LPX.L), a bio-pharmaceutical company specialising
in the development of high-value differentiated biologicals,
announces that its collaboration partner, Pharmsynthez, a leading
Russian research-based pharmaceutical company, has successfully
listed on the Moscow Central Stock Exchange (MICEX).
Shares in Pharmsynthez began trading on the MICEX on Thursday 25
November following an IPO which raised over 528m RUB (c. GBP10.7m),
giving Pharmsynthez a market capitalisation of 1716m RUB (c.
GBP34.8m) on admission. Pharmsynthez becomes only the second
biotech company to be listed on the MICEX. The capital raised will
assist in funding clinical development of Lipoxen licensed
candidates.
Lipoxen have six projects, three PolyXen and three ImuXen
candidates, currently in pre--clinical co--development with
Pharmsynthez. The programme is aimed at delivering human proof of
concept data in early course and Lipoxen remains hopeful that a
number of the potential candidates will deliver results that
justify them being advanced into the clinic.
Commenting, M. Scott Maguire, Chief Executive Officer of
Lipoxen, said:
"We're delighted that our partner Pharmsynthez has successfully
listed on the Moscow exchange and we offer them our warmest
congratulations. The funds raised by Pharmsynthez will be used to
deliver their ambitious investment programme which will accelerate
their growth and enable them to introduce their unique
pharmaceuticals to Russian as well as International markets.
"We have encouraging pre-clinical data on the Multiple Sclerosis
vaccine candidate and we are still confident that this will be the
first of the projects to reach the clinical trial stage early in
2011."
For further information, please contact:
Lipoxen plc +44 (0)20 7389 5015
M. Scott Maguire, Chief Executive
Officer
Singer Capital Markets (nominated
adviser) +44 (0)20 3205 7500
Jeff Keating / Claes Spang
Walbrook PR Ltd +44 (0)20 7933 8780
Paul McManus (Media Relations) Mob: 07980 541 893
paul.mcmanus@walbrookpr.com
Paul Cornelius (Investor Relations) Mob: 07866 384 707
paul.cornelius@walbrookir.com
About Lipoxen
Lipoxen plc is a biopharmaceutical company focused on the
development of new and improved biologic drugs and vaccines.
Lipoxen has three proprietary patented technology platforms:
1) PolyXen - for extending the efficacy and half life of
biologic drugs
2) ImuXen - for creating new vaccines and improving existing
vaccines
3) SiRNAblate - for the delivery of siRNA
Lipoxen's technology is designed to improve the efficacy,
safety, stability, biological half-life and immunologic
characteristics of its products.
Lipoxen has multiple drug and vaccine programmes in development.
Two products are in clinical development, SuliXen, a long acting
insulin and ErepoXen, a long-acting erythropoietin (EPO). Lipoxen's
preclinical pipeline includes vaccines against HIV, influenza and
malaria and an exclusive license deal with Baxter Healthcare for
blood coagulation drugs.
The Company has a low-risk business model and out-licenses its
proprietary technologies to biopharmaceutical companies that have
strong manufacturing and marketing capabilities. Lipoxen currently
has commercial agreements with some of the world's leading
biotechnology and pharmaceutical companies including Baxter,
Schering-Plough, the Serum Institute of India Limited, Genentech,
and Genzyme. Furthermore, Baxter, the Company's third largest
shareholder, and management led the GBP2.9 million fundraising that
the Company announced in May 2009. This fundraising was followed up
by a GBP1.2 million placing in April 2010 which was led by the
Company's management team.
Lipoxen, which was founded in 1997, trades on the AIM Market of
the London Stock Exchange under the ticker symbol LPX. More
information can be found at the Company's website:
www.lipoxen.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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